New Gold Announces Higher El Morro Reserves and Resources
New Gold Inc. (TSE:NGD) (AMEX:NGD) today announces that Goldcorp Inc, its 70% joint venture partner in the El Morro project, has updated the reserves and resources for the project as of December 31, 2010.
New Gold Inc. (TSX:NGD) (AMEX:NGD) today announces that Goldcorp Inc, its 70% joint venture partner in the El Morro project, has updated the reserves and resources for the project as of December 31, 2010.
The press release is quoted as saying:
Highlights attributable to New Gold’s 30% share of the project include:
– 22% increase in Proven and Probable gold reserves to 2.5 million
ounces
– 8% increase in Proven and Probable copper reserves to 1.8 billion
pounds
– 1.2 million ounce and 0.5 billion pound increase in Inferred gold and
copper resources, respectively, reflecting increased tonnes and
higher gold and copper grades in the deeper portions of the La
Fortuna deposit as it extends below the current reserve pit(1)